Wyoming Launches State-Issued Stablecoin on Hedera Network

The Wyoming Stable Token Commission (WYST) has announced the imminent launch of the Frontier Stable Token (FRNT), the first state-issued stablecoin in the U.S., on Hedera.

FRNT’s introduction on Hedera signifies a significant step in state-managed digital finance, setting a precedent, and boosting Hedera’s native token, HBAR, by 1.1%.

Wyoming Pioneers State-Issued Stablecoin with Frontier Token

The Wyoming Stable Token Commission, led by Anthony Apollo, recently introduced the Frontier Stable Token (FRNT) on the Hedera network. Developed under the 2023 Wyoming Stable Token Act, FRNT is the first state-issued stablecoin, fully backed by US dollars and short-term Treasury securities. Wyoming selected Hedera for its security and compliance features aligned with the state’s standards.

Hedera’s inclusion as a blockchain for FRNT sets a new standard for state digital currencies. The token provides stability beyond backing staples, with an additional 2% reserve. The move aims to integrate cutting-edge technologies into state finance systems.

Market reactions were positive, with Hedera’s token (HBAR) experiencing a 1.1% price increase. Anthony Apollo stated, “Our goal with FRNT is to set a new standard for how states leverage digital assets.” The ongoing application on various blockchains underscores its growing adoption.

Anthony Apollo, Executive Director, Wyoming Stable Token Commission, “Our goal with FRNT is to set a new standard for how states leverage digital assets to better serve the public. The Commission selected Hedera for candidacy because its technical edge aligns with our commitment to security and compliance.”

Historic First for U.S. as Wyoming Innovates Financial Tools

Did you know? The introduction of FRNT marks a pioneering step in the US, as Wyoming becomes the first state to issue its own stablecoin, diversifying state financial tools and embracing digital currencies.

Hedera (HBAR) shows a market cap of $9.08 billion according to CoinMarketCap, with a recent trading volume of $246.13 million. Despite a short-term price reduction, Hedera reflects a notable 34.63% growth over the past 60 days.

The Coincu research team notes FRNT’s integration into multiple blockchains may enhance financial stability and set a precedent for regulatory frameworks governing state-issued digital assets. Wyoming’s initiative can drive further technological adoption nationally.